(1) After receiving the research and development proposal, council staff will determine if the proposal is complete. Once the proposal is deemed complete, the formal review process begins.

(2) Upon receipt of a complete research and development proposal, the proposal may be subjected to an outside technical review conducted by reviewers selected by the council. Each reviewer will be asked to comment on the technical feasibility of the proposed research and development project's design and implementation, as well as the project's prospects for market success, when applicable.

(3) If deemed necessary, a research and development proposal may also be subjected to a financial review.

(4) If the technical and financial reviews are favorable, the council will initiate and pursue its own due diligence process on the research and development project. The purpose of this process is to further verify the feasibility of the agricultural project, the credibility and expertise of the project principals and the market or commercial potential of the proposed product or process.